Is Dogecoin About to Face a Major Rejection at $0.1073 Resistance?
Release: 2024/08/25 02:52 Reading: 670
Dogecoin (DOGE) Faces Bearish Trend
Dogecoin (DOGE) encounters significant resistance at the 100-day Exponential Moving Average (EMA) of $0.1073.
On-Chain Metrics Indicate Weakness
Recent on-chain data reveals a 10% decline in daily active addresses this week, suggesting waning demand for the Dogecoin network. Additionally, dormant wallets are becoming active again, further signaling a bearish outlook.
Price Action and Technical Analysis
As of Friday, DOGE trades slightly higher at approximately $0.1010. However, if the resistance at $0.1073 holds, analysts predict a potential decline of about 24%. This downturn could lead DOGE to retest the next support level at $0.0782.
Technical indicators, such as the Relative Strength Index (RSI) and Awesome Oscillator (AO), reinforce the bearish sentiment surrounding DOGE. Both indicators suggest that a bearish trend may be imminent.
Network Activity Raises Concerns
The decline in daily active addresses reflects lower network activity. Santiment's Daily Active Addresses index tracks this metric over time. A decrease in active addresses signals diminished demand for the Dogecoin blockchain.
Key Resistance Level to Watch
Despite the bearish outlook, a critical factor to watch is whether DOGE manages to close above the $0.1073 resistance level on a weekly candlestick. If successful, it could invalidate the bearish thesis and trigger a rally towards the higher resistance level at $0.1435.
Traders should closely monitor these levels and indicators as Dogecoin navigates this critical phase.
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